NEGROS Occidental has the highest income among the provinces in the Philippines in 2014, hitting P3.33 billion, based on the 2014 annual financial report of the Commission on Audit (COA).
Negros Occidental is followed by Bulacan, with P3.25 billion, and Cebu, P2.76 billion, in second and third spots, respectively.
Income includes the internal revenue allotments, and fees collected for permits and services.
Negros Occidental was also the fourth richest province in the Philippines in terms of equity, which is the difference between a local government’s assets and liabilities.
Based on the COA report, Negros Occidental has an income equity amounting to P4.741 billion.
Negros Occidental is second on the liabilities list at P2.78 billion. First is
Bohol, P3.59 billion, while third is Bulacan, P2 billion.
Governor Alfredo Marañon Jr. said Sunday he is happy to learn about the COA report.
“It's a matter of how we manage the province. Like a corporation, what we sell is services to the people," he said.
The governor added that the report on Negros Occidental having the highest income only shows that the Negrenses are cooperative in paying their taxes.
Second District Board Member Salvador Escalante, chairman of the committee on finance, budget and appropriations, said the COA report is a welcome development.
“It's an appreciation of the investments that are coming in the province,” he said.
Escalante added that the governor would also like to strengthen the economic enterprise initiatives of the province and this could be fully realized through the operations of the Negros First Cyber Centre and the district hospitals.
Cebu was identified as the top richest province followed by Rizal, Cavite, and Laguna in second, third, and fifth places, respectively.
Cebu has the highest equity at P28.181 billion; Rizal, P6.715 billion; Cavite, P4.918 billion; and Laguna, P4.474 billion.
COA's report was received by the Office of the President last September 4. It is based on the financial performance reports of all 80 provinces, 144 cities, and all but 11 of the 1,490 municipalities in the country. The 11 failed to submit their reports. (with reports from Sun.Star Cebu)